Finland sees investment opportunities in PH

Finland has expressed its interest in expanding its economic cooperation with the Philippines, according to the Department of Finance (DoF).

In a statement on Wednesday, the DoF said during a virtual meeting with Finance Secretary Carlos Dominguez 3rd, Finnish Ambassador to Manila Juha Pyykkö said he sees numerous opportunities in the Philippines like participating in its economic development, and in cooperating on climate change mitigation measures, digitalization, smart city development, education and web-based healthcare services.

“Ambassador Pyykkö said he wants to rekindle the interest of Finnish investors in the Philippines, especially after Finland reopened its embassy in Manila in September last year, primarily to facilitate business ties involving the two countries and strengthen Finland’s consular and immigration services in Manila,” the Finance department continued.

Pyykkö also cited the Philippines’ stable economic fundamentals and the positive mid-term outlook for the country’s economy, along with the reforms undertaken by the government on various areas such as corporate taxation and infrastructure development, as among the reasons why he wants Finnish investors to “have another look at the Philippines.”

The ambassador also said the Philippines can explore Finland’s web-based tools and phenomenon-based budgeting strategy to help mobilize citizen action against the climate crisis and realize the country’s sustainable development goals.

The DoF added that Pyykkö also commended the Philippines’ active participation in the Coalition of Finance Ministers for Climate Action, of which Finland was among the key initiators.

For his part, the DoF said Dominguez welcomed Finland’s offer on using web-based tools to encourage Filipinos at the grassroots level to act on measures to mitigate the climate crisis.
The Finance chief also informed Pyykko of his strong advocacy, as chairperson-designate of the Climate Change Commission, on the ban against single-use plastics.

“Ambassador Pyykkö congratulated Secretary Dominguez on supporting the ban on single-use plastics. The ambassador said this would involve action down at the local level, which is what Finland has been doing as well to mitigate the impact of, and adapt to, the climate crisis,” the Finance department also emphasized.

Dominguez, meanwhile, also thanked the ambassador on his offer to share Finland’s knowledge on phenomenon-based budgeting, and instructed Finance Assistant Secretaries Paola Alvarez and Edita Tan to discuss the issue further with the Finnish embassy.